With its Target Market Service, fundinfo can now deliver MiFID II Target Market data for a comprehensive range of funds. Since the same methodology is used to determine Target Market data for all funds independent of fund provider, fundinfo’s data is characterised by a high degree of consistency, making the data easy to understand and work with. For the classification of funds, fundinfo can rely on the competence of its own experienced in-house research team.
Distributors can directly access Target Market data via fundinfo’s Data Feed Portal. The portal provides efficient access to user-selectable static fund data including Target Market and PRIIPs data as well as over 200 openfunds fields used to characterise all attributes of a fund or share classfor tens of thousands of funds hosted on the fundinfo cloud.
Target Market FAQs:
- Do Fund Distributors have to choose either Target Market data from fundinfo OR from the Fund House, or can they receive both?
Fund Distributors may choose to receive Target Market data generated by fundinfo, or by the fund house, or both simultaneously
- How does fundinfo’s method of determining Target Market attributes for a fund differ from the method used by Fund Houses?
fundinfo provides Target Market data based on a neutral, standardised and homogenous approach. Target Market data is assigned on a category level, with all funds having the same risk / volatility in that category inheriting the same Target Market attributes. In addition to using different methodologies, Fund Provider's Target Market data can be influenced by their own opinions and interests, and may go more into details as they define Target Market on the fund-level while fundinfo categorises funds on a category level.
- I already subscribe to fundinfo’s Data Feed service. Does fundinfo’s Target Market service cost extra?
This depends on the license agreement purchased. If you have a license for only 10 fields, you will still only receive those 10 fields. If you currently have a license for all fields, then all MiFID II (including Target Market) and PRIIPs fields would be included with no additional cost.
- What if the Target Market classification from a Fund House differs from the Target Market classification provided by fundinfo?
Distributors must make their own decisions about fund suitability based on available information, be it from fundinfo, the fund provider, or both. In the case that a distributor sells into markets that the fund provider has defined as a negative target market, then this has to be reported back to the fund provider. This is not the case with fundinfo.
- How often is fundinfo's Target Market data updated?
Target Market Data from fundinfo is updated on a daily basis: each time the feed is downloaded these fields are re-calculated based on that day's data.
- How does fundinfo treat data points that are relevant in across both EPT and EMT? Do we have these fields double? Do we reuse Are the relevant OFST codes used twice rather than having two OFST codes with the same information?
Wherever data exists that is relevant for both MiFID II and PRIIPs, only one openfunds field exists with clear indication that it applies to both categories (example: MiFID II and PRIIPs cost fields).
- Can a fund house request that fundinfo abstains from providing Target Market data for their funds?
Yes. When subscribing to fundinfo's Data Dissemination service, fund houses may choose to opt-out of fundinfo's Target Market service.
- Does fundinfo provide other types of fund data fields besides Target Market data?
Yes. Target Market data is only one of hundreds of openfunds data fields disseminated by fundinfo's Data Feed service. In addition to Target Market, fundinfo disseminates a comprehensive range of PRIIPs data fields, plus over 200 openfunds fields used to characterise all attributes of a fund or share class. Distributors may select which fields they wish to receive via an online dashboard. As a founding member of the openfunds association, we are continuously adding openfunds fields to meet the demands of the fund industry. For a full list of openfunds data fields available, visit https://www.openfunds.org/fieldmenu/fields/